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NYC Developer Pays $30M For Sunny Isles Beach Oceanfront Site

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Unique, Sunny Isles BeachProperty Markets Group paid $30 million for less than an acre of oceanfront in Sunny Isles Beach as the New York City-based developer expands its reach in South Florida.

Working with partners S2 Development, PMG purchased the 0.85-acre parcel at 17141 Collins Avenue from Mexican developers Palermo Beach LLC, who had plans for architect Kobi Karp to design a 42-story condo high-rise called Unique.

Palermo paid $20 million for the land, sandwiched in between Jade and Trump Ocean, in March 2012, netting a 50-percent return in only 18 months, according to Miami-Dade County records.

Mario Borda, the chief of Engle & Volkers’ commercial division, brokered the sale, a spokesperson told The Real Deal.

Earlier, New York-based Mission Capital Advisors announced it had lined up $128.5 million in construction loans for PMG’s high-end residential projects, Echo Brickell and Echo Aventura.

 

Source: The Real Deal

 

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